XRP Price To Hit $2, Analyst Predicts Amid Massive Whale Movements

Despite a dip in XRP price today, the native token of Ripple is in the spotlight as top analysts predict a potential price surge. Prominent market experts foresee a bullish reversal trend in XRP, potentially propelling XRP to the $2 mark.

Notably, this optimism is fueled by notable whale activities, suggesting an imminent price breakout. As XRP gears up for this potential rally, the crypto community is keenly watching the unfolding dynamics.

Analysts Foresee XRP Price To Hit $2

In a recent analysis, Captain Faibik, a well-known crypto market analyst, stated that XRP might have already hit its lowest point. In addition, he said that XRP is on the verge of witnessing a reversal trend, potentially driving its prices to new heights. Besides, Captain Faibik has set a midterm XRP price target of $2.

In a recent X post, he shared the prediction along with a price chart of XRP. Notably, this forecast comes amid increasing whale movements in the XRP market, with large holders transferring substantial amounts of the token, sparking speculation about a price rebound.

On the other hand, another influential analyst, EGRAG Crypto, has echoed a similarly optimistic outlook for XRP. In a series of posts, EGRAG highlighted technical indicators suggesting a significant uptrend.

Meanwhile, he pointed out that XRP’s dominance could challenge key resistance levels, potentially leading to a substantial price increase. Earlier, referring to historical data and Fibonacci retracement levels, EGRAG CRYPTO predicted the XRP price to hit $7.5.

Also Read: Fetch AI Reveals Key Details On Merger With AGIX And OCEAN

Whale Movements Further Fuels Speculations

The recent whale activities surrounding XRP have further fueled bullish sentiments. According to data from the on-chain transaction tracker Whale Alert, nearly 120 million XRP tokens were moved in four large transactions recently.

According to Whale Alert, a whale, identified by the wallet address “rfQ9E…k8Cvi” has accumulated 28.89 million XRP from Binance. However, in the second transaction, another whale dumped 24.04 million XRP, worth around $11.29 million, to Bitso Exchange.

Simultaneously, the same whale transferred 31.8 million XRP, worth $14.94 million, to Bitstamp again today. However, in the most recent transaction, a whale with wallet address “rhWj9…FLQkK” amassed 32.40 million XRP, valued at $15.12 million, from Binance.

Meanwhile, such cryptocurrency accumulations often indicate strategic positioning by major holders, potentially signaling an upcoming price surge. Several market watchers anticipate these whale transactions to set the stage for a significant rally, aligning with the bullish predictions from market experts.

However, as of writing, XRP price was down 1.17% to $0.4676 amid a broader market downturn. With a market cap of $26.04 billion, the crypto has touched a high of $0.4756 in the last 24 hours. On the other hand, XRP Futures Open Interest signals a neutral sentiment, while the Options Open Interest soars more than 15.02% to $290.99K.

Also Read: Cardano Shifts Governance To ICC And Reveals Readiness For Chang Hard Fork

✓ Share:

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.